Market Link Guide – New Zealand

Key features

CSD link as defined under CSDR^a	Yes
Type of link	Indirect

a. CSD Regulation (EU) No 909/2014, Article 2(29).

	CSD	Custodian
Name	NZCSD	BNP Paribas Australia Branch
FATCA GIIN	Not applicable	1G159I.00207.BR.036
LEI	54930066LV3G32L0HB48	R0MUWSFPU8MPRO8K5P83
Country of incorporation	New Zealand	France
Account type	Omnibus account	Omnibus account
Account name	All NZCSD eligible securities are registered in the name of BNP Paribas Nominees Pty Ltd BNP Paribas Australia Branch as the participant in NZCSD, holds securities under the name BNP Paribas Nominees Pty Ltd with a dedicated account qualifier for CBL as follows: BNP Paribas Nominees NZ Limited Mnemonic: BPSS42	Clearstream Banking S.A.

Operational arrangements

	Yes/No	Remarks
Settlement free of payment	Yes
Settlement against payment	Yes	Eligible settlement currency: New Zealand Dollar (NZD).
Settlement against payment in central bank money account of CBL/CBL client	No	Against payment settlement takes place on the cash account of BNP Paribas Australia Branch. Only CSD-member banks can have an account at the local central bank.
Bridge settlement	Yes
Shaping facility	No
Partial settlement	No	Except when the local CSD imposes the partial delivery of securities.
Settlement penalty fees	No
Pre-matching	Yes	Subject to counterparty availability.
Back-to-back processing	Yes
Allegements	No
Automatic compensation	No
Registered securities	Yes	For dematerialised securities, registration takes place automatically upon settlement. For physical securities, manual intervention will be required, registration is not automatic.
Multi Market Securities	Yes	Refer to the Multi-securities Guide.
Lending and borrowing	Yes	Debt Securities.
Proxy voting	Yes
Investment Funds	Yes	ETF only.
Liquidity Hub Connect	No
Sale and purchase of rights	No
Repo services	Yes	Internal Repo service for Bonds and Equities (refer to Cmax Product Guide).
Market restrictions	Yes	Holding restrictions apply.
FTT	No
Daily reconciliation	Yes
Link eligible for use in Eurosystem credit operations	No

Moment of entry of instructions	The CSD rules do not define the moment of entry within the meaning of the Settlement Finality Directive.
Irrevocability of instructions	Matched instructions are irrevocable and require bilateral cancellation.
Finality of instructions	Settlement is considered final once cash and securities are exchanged and a confirmation is received from the CSD. It is not possible to unwind completed settlement.

Local legislation

The below section is valid on the date of the legal opinions that were issued and might be subject to change. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.

	Local legislation of the CSD	Local legislation of the intermediary
Date of legal opinion	30 September 2025	30 September 2025
Nature of rights on securities	Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are rights in rem. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account.	Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are rights in rem. No differences in conclusions in case of sub-accounts for Clients within the Direct CSD Account.
Recognition of nominee concept	Nominee concept recognised under local law.	Nominee concept recognised under local law.
No right of retention to the CSD under local law	CSD has a lien or similar encumbrance under local law, and it is questionable that such lien could be contractually excluded or waived.	CSD does not have a lien or similar encumbrances on the securities under local law.
No upper-tier attachments	Securities would not be subject to attachment, subject to specific potential exceptions.	Securities would not be subject to attachment.
No right of use without prior consent	Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent.	Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent.
Segregation of assets at the CSD	CSD is under legal/regulatory obligation to segregate the securities held for each participant.	CSD is under legal/regulatory obligation to segregate the securities held for each participant.
Loss of assets	No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.).	No general restrictions on ability to recover lost assets or on indemnification under local law.
Ability to recover client assets in the event of insolvency of CSD	Securities would be recoverable.	Securities would be recoverable.
Ability to recover client assets in the event of insolvency of Agent	Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian.	Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian.
Shortfall pro-rated among holders	Shortfall in the securities would be allocated among the holders of the applicable securities pro rata to their respective ownership percentages.	Shortfall in the securities would be allocated among the holders of the applicable securities pro rata to their respective ownership percentages.
Settlement finality in case of insolvency	Transfer orders are irrevocable and finality of settlement is assured.	Transfer orders may be revoked in certain circumstances.